The Sacramento Bee is a paper with a fine pedigree that just wrote a powerful editorial entitled: “Wall Street needs to be schooled in the rule of law.”
“When the president feels the need to call out his own people for not moving fast enough on new rules for Wall Street, you know that things have really bogged down.
That’s what Barack Obama did Monday, urging top financial regulators to get going on enforcing the Dodd-Frank law, passed by Congress three years ago but still adamantly opposed by big banks.
Wall Street’s freewheeling ways and outright fraud worsened the worst financial crisis this nation has faced since the Great Depression. Nearly five years later, many large financial institutions are making big profits again, but relatively few wrongdoers have seen the inside of a prison cell.
Precious little has truly changed.
Who gets the short end of the foot-dragging? The vast majority of Americans, of course, those who aren’t favored clients of Wall Street firms. You can bet we’re the ones who will be left holding the bag if there’s another crash because proper safeguards aren’t in place.”
